Asset Shows Promise for Stage II Progression

Biopharmaceutical company Debiopharm International SA has acquired ImmunoGen's IMGN529/Debio 1562, a clinical-stage anti-CD37 antibody drug-conjugate (ADC) for the treatment of patients with B-cell malignancies, such as non-Hodgkin lymphomas (NHL).

ImmunoGen received a $25 million upfront payment with entitlement to a $5 million milestone payment to be paid after completion of the transfer of its technologies related to the asset, which is expected by the end of 2017. ImmunoGen is also eligible for a second success-based milestone payment of $25 million upon IMGN529/Debio 1562 entering a Phase 3 clinical trial under the terms of the agreement.

"The purchase of IMGN529/Debio 1562 from a pioneer in the field of ADCs represents a strategic investment leveraging our expertise and track record in Oncology and supports our strong commitment to deliver targeted therapies and precision medicines to help patients suffering from severe diseases" stated Bertrand Ducrey, CEO of Lausanne-based Debiopharm. The product is now ready to move forward into a Phase 2 trial in NHL and particularly in Diffuse large B-cell lymphoma (DLBCL) for which it has Orphan Drug status.

"With a strong history of developing and bringing oncology drugs to market, Debiopharm offers the right mix of resources and capabilities to advance IMGN529/Debio 1562 through its next phase of development," stated Mark Enyedy, President and Chief Executive Officer of ImmunoGen. “Consistent with the strategic review of our portfolio undertaken last fall, this transaction further enables us to prioritise our development efforts on mirvetuximab soravtansine and our IGN programs, while generating near-term value from IMGN529/Debio 1562," he added.